Kazakh-Romanian energy fund will be set up

Petromidia Refinery, Romania (Yakov Fedorov, CC)

In Croatia retail sales up 4.5 per cent y/y

Slow growth due to low investment activity in Latvia

Kyiv expects to sign energy memorandum between Ukraine and EU

Romania

Romania Insider reports on governmental plan to set up and investment fund to finance energy projects in Romania. „Energy Ministry has launched a public tender to acquire consultancy, legal assistance, and representation services for the Romanian state in setting up the Kazakh-Romanian fund,” the portal writes.

The fund of EUR1bn was a part of memorandum approved by Romanian government on selling 26.7 per cent stake in Rompetrol Rafinareto KMG International. KMG is a part of Kazakhs group KazMunayGas. The document was signed in 2014. Under the agreement KMG promised to set up an EUR1bn investment fund that would finance energy projects in Romania, in which the Romanian state would also hold a minority stake. „None of these measures has been implemented so far,” Romania Insider informs.

In May 2016, Romanian prosecutors decided to freeze the assets of KMG International and local companies Oilfield Exploration Business Solutions (the former Rompetrol SA) and Rompetrol Rafinare – in connection with the reopening of privatization case.

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Croatia

Croatian Bureau of Statistics informed that in real terms the country’s retail sales were up 4.5 per cent y/y in July 2016. So it grew faster than in June 2016 (up 2.8 per cent y/y).

„On a monthly basis, the retail trade turnover increased by a real 2 per cent, reversing a 0.9 per cent fall in June, seasonally and working-day adjusted data released by the Bureau indicated,” the See New Corporate Wire writes.

In nominal terms, Croatia’s retail trade turnover grew by 2 per cent y/y and 1.6 per cent m/m in July 2016. Croatian economy grew by 2.8 per cent y/y in Q2’16.

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Latvia

Investments continued to decrease in Q2’16. They dropped by 24.7 per cent y/y (seasonally and workday adjusted data at constant prices). The Baltic Course comments „Once again the disruption in the European Union (EU) funding is to blame. It is most evident in the construction sector which experienced a substantial drop in activity at the beginning of the year, most particularly in the road and non-dwelling building segments. Road construction activity however is slowly recovering (…) and in the coming quarters it will also be reflected in the data. On the other hand, in the segment of construction of non-dwelling buildings silence has set in as the projects from the previous planning period (e.g. Riga Castle, the Natural Sciences Academic Centre of the University of Latvia, Latvian National Art Museum) have been finalized”.

The worst results were noted in construction (-16.9 per cent) and real estate (-3.1 per cent). The performance of manufacturing and trade sectors was positive, resulting respectively +6.8 per cent and 5.4 per cent growth.

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Ukraine

Interfax quotes the Prime Minister Volodymyr Groysman saying Ukraine and the European Union intend to sign a memorandum on cooperation in the energy sector before 2017. It is expected the agreement will also create the energy efficiency fund.

Mr Groysman said: „We are completing work on energy strategy, the energy strategy of Ukraine, and, I believe, we will present it in September. We are also preparing the memorandum on cooperation in the energy sector with the EU and, I believe, we will sign it before the end of the year”.

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What’s up in indexes

BUX (of Budapest) was up 0.51 per cent d/d and up 17.85 per cent from year-end. The index increased from 28045.22 index points Thursday, September 1st to 28189.60 index points Friday, September 2nd.

BET (of Bucharest Stock Exchange) dropped by 0.34 per cent d/d – falling from 7028.44 index points Thursday, September 1st to 7004.84 index points Friday, September 2nd. From year-end the index grew by 0.01 per cent.

PX (of Prague Stock Exchange) was up 1.08 per cent d/d – increasing from 866.37 index points Thursday, September 1st to 875.71 index points Friday, September 2nd.  From year-end it dropped by 8.43 per cent.

WIG20 (of Warsaw) increased from 1761.68 index points Thursday, September 1st to 1767.55 index points Friday, September 2nd. So it’s up 0.33 per cent d/d. From year-end it dropped by 4.93 per cent.

OMXT (of Tallinn) dropped by 0.06 per cent – falling from 1000.18 index points Thursday, September 1st to 999.58 index points Friday, September 2nd. From year-end it’s up 11.19 per cent. 

OMXR (of Riga) dropped by 0.10 per cent d/d – falling from 635.97 index points Thursday, September 1st to 635.36 index points Friday, September 2nd. From year-end it’s up 6.90 per cent.

OMXV (of Vilnius) decreased from 535.06 index points Thursday, September 1st to 534.73 index points Friday, September 2nd. So it dropped by 0.06 per cent d/d. From year-end it’s up 10.03 per cent.

SAX (of Bratislava) was up 0.88 per cent d/d and up 8.78 per cent from year-end. It increased from 315.23 index points Thursday, September 1st to 318.01 index points Friday, September 2nd.

SOFIX (of Sofia) increased from 469.49 index points Thursday, September 1st to 471.87 index points Friday, September 2nd. So it’s up 0.51 per cent d/d and up 2.38 per cent from year-end.

UX (of Kyiv) was up 1.38 per cent d/d and up 5.65 per cent from year-end. It increased from 714.74 index points Thursday, September 1st to 724.58 index points Friday, September 2nd.

CROBEX (of Zagreb) dropped by 0.03 per cent – falling from 1824.23 index points Thursday, September 1st to 1823.65 index points Friday, September 2nd. From year-end it’s up 7.93 per cent.

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